Strike Oil JV Wins Offshore Permit in Carnarvon Basin

A joint venture led by Strike Oil has been awarded a new 325 square kilometer exploration permit in the Carnarvon Basin offshore Western Australia, just southeast of the Stag and Wandoo Oilfields. The Department of Minerals and Petroleum Resources has advised that the permit, formerly Federal gazettal tender application WO2-12, will be known as WA-340-P and has been granted for a period of six years.

The same joint venture partners are already in exploring the northern adjacent WA-312-P permit. Application for the WA-340-P permit was motivated by the recognition of a number of leads having significant hydrocarbon potential volumes trending south-westward across the wAS-312-P permit boundary in addition to a number of leads within the application area itself. The mapped shallow Cretaceous leads are in part similar geologically to the nearby producing Stag and Wandoo oil field while deeper Jurassic and Triassic targets are similar to productive fields elsewhere in the Carnarvon Basin.

Work over the next three years will utilize remote sensing and seismic techniques to further evaluate these attractive and interesting leads in order to mature them for early drilling.

Participants in the WA-240-P permit are Strike Oil as operator with 40%; Sun Resources with 20%; Pancontinental Oil & Gas with 20% and Victoria Petroleum with 20%.